According to theminermag.com data compiled by Wolfie Zhao, hashprice temporarily fell below $40 per petahash per second in early April, down from the $45–$50 range logged through March. Zhao notes that the $40 line is the breakeven mark even for publicly listed giants, intensifying consolidation pressure across the sector.

The report highlights that two consecutive 1.43% difficulty increases in March and a further 6.81% jump this month have coincided with sliding fees, which now contribute less than 1.2% of block rewards. Zhao calculates that transaction‑revenue weakness compounds electricity costs, leaving median fleet hashcosts near $34 per petahash for public miners.

Source: Report published by theminermag.com.

Bitfarms and Hut 8 bucked the trend, boosting realized hashrate by about 16% and 80%, respectively, Zhao writes, while MARA remains the only miner above 40 exahash. Even so, theminermag.com research shows listed bitcoin miners liquidated 42% of March production, the highest ratio since October, as firms such as Cleanspark switched from a full “hodl” stance to asset sales.

Market sentiment mirrors operational strain. Investor anxiety has deepened amid Trump’s tariff proposals, which threaten application-specific integrated circuit (ASIC) supply chains. Theminermag.com’s price‑to‑hash ratio, detailed by Zhao, has retreated toward $50 per terahash (TH/s), halving from post‑election peaks and pushing sector capitalization beneath $20 billion.

Zhao concludes that further hashrate growth by efficient operators, paired with tariff‑driven equipment uncertainty, could hasten capitulation among smaller private miners if hashprice fails to rebound.

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